Global Plant Based Ingredients Market: Overview
Whole-foods and plant-based diets have generated groundswell of interest among people worldwide in past few decades. Vast purported benefits of plant-based ingredients and conscious shift from meat to vegan diet have been the key pivots galvanizing consumer interest in the plant-based ingredients market. A wide portfolio of plant-based ingredients and products that defy the conventional has emerged. Most notable of them are perhaps meat substitutes and diary substitutes.
The plant-based ingredients market has further gained sizable momentum from the adoption of clean labelling by food manufacturers to attract public interest and drive consumer shift. Minimal processing, nutritional benefits, and environmental sustainability associated with plant-based ingredients are compelling propositions for their growing popularity. Plant-based ingredients are also picking up steam due to anti-inflammatory and ant-aging potential. Advent of specialty grains have opened new avenue in the plant-based ingredients market.
Global Plant Based Ingredients Market: Notable Developments
Food manufacturers of various stripes who are putting their bets on plant-based dairy and meat substitutes are benefitting from the advent of new formulations. A leading provider of high value-added specialty fats has recently (May 2019) launched a new portfolio of solutions to help manufacturers develop plant-based ingredients that can meet diversity of consumer demands. The new portfolio, called AkoPlanet, can help industry players create new formulation keeping in mind the needs of sustainability, nutrition, and health. The provider has also taken care to keep the raw materials meet the criterion of sustainable sourcing.
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With great-tasting meat alternative gaining traction in various developed as well as developing regions, such product development initiatives will get rebut fillip, thereby expanding the potential of the plant-based ingredients market.
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Another growth impetus to the plant-based ingredients market comes from growing funding to food manufacturers to help in capacity expansion. A recent case in point is a fresh seed rounding funding received by a start-up Spero Foods. The company has focused on consolidating its plant-based eggs and cheese. Growing popularity of egg and cheese replacements has endowed it with lucrative opportunities.
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Some of the companies seeking sizable stakes in the plant-based ingredient market are Naturex, Health Warrior, Dohler Group, Cargill, Roquette, and DuPont.
Global Plant Based Ingredients Market: Key Growth Dynamics
Popularity of Dairy-Free Food and Beverages reflects well on Overall Demand
Plant-based ingredients are emerging as potential alternative to dairy products. Various types of base such as made almond, coconut, rice, and oats are used to make delectable beverages. A growing lactose-intolerant population is a significant trend bolstering the prospects of the plant-based ingredients market. This is evident in the popularity of plant-based desserts and fruit-infused drinks.
Industry Efforts to enhance Nutritional Profile expands Potential
One of the key aspects of plant-based diets is their attractive nutritional profile, mainly due to high fiber content. Growing preference of people toward plant-based protein is boosting the demand in the plant based ingredients market. Advances in reformulation of plant proteins through including new sources also augurs well. Growing awareness of the wide spectrum of health benefits of protein-enriched foods most notably in managing chronic diseases is also propelling strides in the plant-based ingredients market. Growing shift toward food products that are gluten-free and GMO-free is likely to open new potential in the next few years. Plant-based ingredients find attractive potential in animal feed applications, increasingly adopted by farmers to improve the livestock health.
Functional Food Manufacturers see Viable Revenue Streams
The plant-based ingredients market is expected to rise at attractive strides on account of rising demand for functional food products especially functional beverages. A burgeoning dietary supplements market in developing and developed regions of the world is also fueling prospects of the plant-based ingredients market. Adoption of label-friendly food options by functional food manufacturers also bolsters the prospect of the global plant-based ingredients market.
Global Plant Based Ingredients Market: Regional Assessment
Geographically, parts of North America and Europe are contributing sizable revenue potential to the global plant-based ingredients market. Growing population of vegan and flexitarian diets in the region has also fueled copious interest in meat and dairy alternatives made by plant-based ingredients. Growing shift toward minimally-processed and organic food and the growing preference of sportspersons toward plant-based protein underpin the high potential of the regional market. Meanwhile, numerous economies of Asia Pacific are witnessing sizable demand for plant-based ingredients among health-conscious population.